Have more questions?
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At RateDrop we are experts at getting loans approved for anything. Although we focus on powersports and car loans, we can also help you out with personal loans. Our main goal is to help you create healthier financial habits throughout time.
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After filling out our credit application you will be matched with one of our expert advisors which will provide you with insight on your current situation. They will look into all our lender programs to find the best rate for you and get you approved on the best terms you agree with.
Credit score is the points system used to calculate how well you are making use of your credit. Credit utilization ratio is a huge factor that impacts your credit score. Your credit utilization rate is a percentage calculated from your revolving credit or balance owed divided by your total credit limit. This is calculated taking into account all of your lines of credit. The lower your credit utilization rate the better credit score, because this means even though you could potentially spend x amount of money, you don't, you spend less. Which tells the bank you are a responsible spender, you don't go over limit or anywhere near the limit. You want to spend less than 70% of your total credit availability.
Revolving credit is the total balance owed from all your lines of credit, this doesn't include installment loans such as mortgages or auto loans. It is called revolving credit because it doesn't have a pre determined end date, this balance owed revolves month to month, until you pay it out entirely.
Debt to income rate or DTI compares the amount you owe every month versus the amount you earn every month. This number is used by lenders to weigh in your application and may consider it a determining factor, with credit reports and credit scores in order to grant your approval or not.
Credit score is a points system that lets you understand how you're making use of your credit. It is a way for banks to determine your level of reliability in terms of paying back. However, your credit score is not always impacted by missing payments. Being a newcomer in Canada or having no credit history also can reflect in poor credit score. Luckily with time this can be fixed.
Yes. At RateDrops we can get you approved for a loan no matter your credit situation. In this case, during the first terms the interest rates will be higher but with our programs we will work with you towards lowering that rate in no time!
Your expert advisor will follow up once your credit application has been approved, so you can confidently move into purchasing the unit you are interested in.
Credit score is affected by a lot of factors, the biggest being making payments on time. Making at least the minimal payment helps in keeping a good credit score. Remember though, every time you submit an application for a loan, your credit score is negatively affected. Which is why we recommend dealing with experts who know where and when to submit an application.
When you cosign a car or powersports loan it means you include your name to the auto loans application. The reason for this is to enhance trust for the lender to accept the borrower because in such case that the borrower fails to make a payment on the loan, repayment then falls to the cosigner.
Having a cosigner helps you improve the chances of getting a lower rate, which leads to making lower payments. Loan terms also affect monthly payments, the shorter the loan term, the higher your monthly payment and vice versa.
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